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Gold Technical outlook for intraday traders

Gold June contract on MCX inched 72 rupees up to settle at 28599. Gold
traded with bullish bias with small counter moves and settled with bullish note
yesterdays today price objective for bulls would be 28680 any sustained move
above that level would bring a retest to 28750-800 zones. Sustained move above
that level would bring 28900-29000 on cards. Key resistance would remain at
29000 and any sustained move above that level would bring more upside. Support
is now seen near 28482 any sustained move below that level would bring a retest
to 28350-28300 zones. Key support would remain at 28200 and any failure below
that level would bring 27800 and more down side.

Gold trading range for the day is expected among the key support at
28400 and resistance at 29000.

Recommendation:

Â·Today again selling gold below
28650 with stop loss above 28780 for targeting 28450-28300-28050 and more down
side might be appropriate.

Â·In alternative scenario selling
below 28200 with stop loss above 28330 for targeting 28050-27900 and more down
side might be appropriate.